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Source Energy Announces Upsize And Pricing Of Senior Secured Notes Offering


Thursday, 24 May 2018 05:13pm EDT 

May 24 (Reuters) - Source Energy Services Ltd ::SOURCE ENERGY SERVICES LTD. ANNOUNCES UPSIZE AND PRICING OF AN OFFERING OF SENIOR SECURED NOTES.SOURCE ENERGY SERVICES - TWO CO'S UNITS TO ISSUE AND SELL AN ADDITIONAL $50 MILLION OF 10.5% SENIOR SECURED FIRST LIEN NOTES DUE DEC 15, 2021.SOURCE ENERGY SERVICES - EXISTING CREDIT FACILITY WAS AMENDED TO INCREASE AVAILABILITY FOR BORROWINGS THEREUNDER FROM $70 MILLION TO $88 MILLION.SOURCE ENERGY SERVICES - PROCEEDS FROM ISSUANCE OF ADDITIONAL NOTES WILL BE USED TO INITIALLY REPAY DRAWN AMOUNTS UNDER EXISTING CREDIT FACILITIES.SOURCE ENERGY SERVICES - ADDITIONAL NOTES WILL BE ISSUED AT $1,057.50 PER $1,000 PRINCIPAL AMOUNT WHICH REPRESENTS EFFECTIVE YIELD OF 7.953% TO 2020. 

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20 Nov 2018